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Pork Futures: Pork Bellies End Mixed

by 5m Editor
6 May 2008, at 6:36am

CHICAGO - Pork bellies closed mixed, live cattle ended lower and feeder cattle settled mostly firm.

Chicago Mercantile Exchange lean hogs closed higher Monday on supportive fundamentals, fund buying and forward positioning.

Lean hogs gained at the start on short covering, follow-through buying and Friday's pork-cutout price snapback. Spot-June and nearby-July added momentum after both contracts cracked key technical-resistance barriers.

And, generally higher electronic-Chicago Board of Trade corn inspired deep-month hog buyers. They continued to support far-month hogs throughout the session despite CBOT corn's later lapse.

However, spot-June hogs' buying interest slowed momentarily because of selling into up ticks and pre-Goldman roll activity.

Pork bellies ended mixed on May/July bear spreads and CME hog's advances.

The CME weekly belly storage report will be released on Tuesday after 5 p.m. EDT.

June lean hogs closed 125 points higher at 73.20 cents a pound, and July closed 87 points higher at 75.35 cents.

View the FXSTREET story by clicking here.

5m Editor